Hamad Bin Saedan posts SAR 6.2M profit in H1 2025

Hamad Mohammed Bin Saedan Real Estate Co., which is set to list its share on Nomu, reported a net profit of SAR 6.2 million in H1 2025, against a net loss of SAR 241,000 a year earlier.

The gross profit margin grew to 37% in the first half of 2025, compared to 32% in the same period last year. This improvement is attributed to a decrease in the cost-to-revenue ratio, which dropped to 63%, due to lower costs associated with land and real estate sales, despite a 15% decline in total revenues.

The company recorded capital gains of SAR 2.6 million from the sale of real estate investments, SAR 1.7 million in profit from its share in joint ventures, and an exceptional gain of SAR 3.5 million from the derecognition of real estate investments measured at fair value. Additionally, the company realized a SAR 2.1 million gain from the cancellation of a right-of-use contract.

Financing costs also declined during the six-month period.

On the downside, total revenue decreased by 15%, mainly due to lower income from land and real estate sales, which fell to SAR 7.5 million from SAR 30.4 million. Lease contract revenues also declined to SAR 2.2 million from SAR 3.8 million in the same period last year.

However, gains from real estate partnerships for resale with third parties increased significantly to SAR 20.4 million, compared to SAR 3.9 million in the prior-year period.

General and marketing expenses rose, alongside an increase in Zakat provisions.

As a result, EBITDA fell to SAR 2.8 million by the end of H1 2025, down from SAR 5.6 million in the same period of 2024.

Compared with H2 2024, Hamad Bin Saedan’s net earnings fell 15% from SAR 7.28 million.

Shareholders’ equity, with no minority interest, stood at SAR 260.69 million at the end of H1 2025, from SAR 247.36 million a year before.

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